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07/11/2013

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 A study on peoples perception towards Insurance Project Report 2006 
INTRODUCTION TO THE STUDY
The study was a modest attempt to understand the people’s perception towardsinsurance by ICICI Prudential Life Insurance in Kollam District. ICICI prudential Life is thesecond largest life insurance company in the country.The study was conducted in the form of survey in around 150 peoples in various parts of Kollam District. . Many banking sectors and other financial institutions have set upinsurance services that specialize to some degree in various style of money planning. Mostof the peoples have savings but they are not aware about insurance benefits and its variousschemesThis report consists of techniques and methodology used analysis, findings,suggestions and constraints for the study that will help in improving the service beingoffered by the company.
INTRODUCTION TO INDIAN INSURANCE INDUSTRY
Boasting of the largest number of operational life insurance policies in the world, theIndian insurance industry has emerged as serious destination in the global insurance market.Until 1999, the business of insurance in India was the exclusive privilege of two states -owned corporations – the Life Insurance Corporation of India (LIC) and the GeneralInsurance Corporation (GIC).The government of India took a major step towards liberalization of this industry inMarch 2000 and brought into effect of the Insurance Regulatory Development AuthorityAct (IRDA Act). The IRDA Act opened the market by doing away with all entry – levelrestrictions on private insurers. There after, it has been five years consistent growth.
 Dept of management science MES College of  Engineering  
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 A study on peoples perception towards Insurance Project Report 2006 
While 80% of population remains without life insurance and some of the world’slowest health and non – life insurance cover levels, the potential of the words seventhlargest and second most populous country cannot be overlooked.Prospective insurers have lot to gain from the, 312 million middle – class consumersin India, who have financial ability to purchase insurance. With only 2.5% of the countryinsurable population currently insured, the market still need to be tapped effectively.
INTRODUCTION TO THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and prudential plc, a leading international financial services groupheadquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval fromInsurance Regulatory Development Authority (IRDA).The success of the company will be founded in its unflinching commitment to 5 corevalues -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of thevalues describes what the company stands for, the qualities of our people and the way wework.We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our  parentage and the commitment of our team, there are no limits to our growth.
RELEVANCE OF THE STUDY
The study has been made with the intention to analyze the
“perception of publictowards insurance policies”.
 Dept of management science MES College of  Engineering  
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 A study on peoples perception towards Insurance Project Report 2006 
Many may not be aware that the life insurance industry of India is as old as it is inany other part of the world
The Malhotra Committee
recommended throwing open thesector to private Players to usher competition and bring more choice to the consumer.In India about 200 million middle class households, presents a huge untapped potential for players in the insurance industry Saturation of markets in many developedeconomies has made the Indian market even more attractive for global insurance majorswith the per capita income in India expected to grow at over 6% for the next 10 years andwith improvement in awareness levels, the demand for insurance is expected to grow at anattractive rate in India.The Monitor Group has estimated that the life insurance market will grow fromRs.218 billion in 1998 to Rs. 1003 billion by 2008 (a compounded annual growth of 16.5%). Life insurance companies focusing on rural markets have adopted innovative meansof distribution.Instead of appointing agents as is done typically, they have used innovative methodsto promoted life insurance and appoints sales executives to act as their sales arm. Thisenabled them to tap into their special knowledge. India has the highest number of lifeinsurance policies in force in the world. This makes me to think about doing the project inFinancial Marketing sector especially in Insurance, in my study I wish to find out these factsregarding money for the security purpose.
NEED OF THE STUDY
The study was held at ICICI Prudential Life Insurance, Kollam to know the perception of people towards insurance. This study helps the researcher to know the overallview of insurance in peopleICICI Prudential Life Insurance provides various types of insurance products andservices. The company wishes to expand their business and their services for increasingsales. Most of the peoples have savings but they are not aware about insurance benefits andits various schemes. So the researcher’s intention is to find out remedies for creating better 
 Dept of management science MES College of  Engineering  
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